Stocks Edged Up after Durables Data

U.S. stocks edged up at the open on Tuesday after a mixed report on durable-goods orders. The Dow Jones Industrial Average lately advanced 38.75 points, or 0.23%, to 17,115.62. The S&P 500 rose 3.48 points, or 0.17%, to 2,001.40. The Nasdaq Composite rose 4.79 points, or 0.11%, to 4,562.14.

The Commerce Department says orders for durable goods rose 22.6 percent in July on a seasonally adjusted basis, the largest one-month gain on record. The strength came from a 318 percent increase in orders for civilian aircraft which helped lift orders for transportation equipment by a record 74.2 percent.

Best Buy Co., Inc.’s focus on cost-trimming and e-commerce started to pay off in the most recent quarter, but the retailer warned that it expects sales to stay sluggish for another holiday shopping season. For the period ended Aug. 2, the company posted a profit of $146 million, or 42 cents a share, down from $266 million, or 77 cents a share, a year earlier. Revenue fell 4% to $8.9 billion.

Trina Solar Ltd. said it swung to a profit in the second quarter, but its solar-module shipments fell just shy of expectations. For the second quarter, Trina posted earnings of $10.3 million, or 14 cents an American depository share, compared with a loss of of $34.5 million, or 47 cents an ADS, a year earlier. Revenue rose 18% to $519.4 million.

DSW Inc. said fiscal second-quarter profit edged up 1.8%, with results outpacing market expectations as net sales and same-store sales increased across its segments. For the quarter ended Aug. 2, DSW posted a profit of $34.3 million, or 38 cents a share, up slightly from $33.7 million, or 37 cents a share, a year earlier. Net sales rose 4.5% to $587.1 million.

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